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Interim Report 2015 Stock Code: 0008 CONTENTS Interim Report 2015 Stock Code: 0008 CONTENTS 1 Corporate Profile 2 Key Figures 3 Statement from the Chairman 4 Statement from the Group Managing Director 6 Board of Directors 11 Management’s Discussion and Analysis 19 Consolidated Income Statement 20 Consolidated Statement of Comprehensive Income 21 Consolidated and Company Statements of Financial Position 23 Consolidated and Company Statements of Changes in Equity 25 Condensed Consolidated Statement of Cash Flows 26 Notes to the Unaudited Condensed Consolidated Interim Financial Information 47 General Information 56 Investor Relations CORPORATE PROFILE PCCW Limited (PCCW or the Company) is a global company headquartered in Hong Kong which holds interests in telecommunications, media, IT solutions, property development and investment, and other businesses. The Company holds a majority interest in the HKT Trust and HKT Limited, Hong Kong’s premier telecommunications service provider. HKT meets the needs of the Hong Kong public and local and international businesses with a wide range of services including local telephony, local data and broadband, international telecommunications, mobile, and other telecommunications businesses such as customer premises equipment sale, outsourcing, consulting, and contact centers. PCCW also owns a fully integrated multimedia and entertainment group in Hong Kong, which includes a highly successful IPTV operation, now TV. As the provider of Hong Kong’s first quadruple-play experience, PCCW offers a range of innovative media content and services across four delivery platforms – fixed-line, broadband Internet access, TV and mobile. Also wholly-owned by the Group, PCCW Solutions is a leading information technology outsourcing and business process outsourcing provider in Hong Kong and mainland China. In addition, PCCW holds a majority interest in Pacific Century Premium Developments Limited, and overseas investments including the wholly-owned UK Broadband Limited. PCCW employs approximately 23,300 staff representing 50 nationalities. A majority of our employees are based in Hong Kong and mainland China, while we also maintain a presence in about 40 other countries around the globe. PCCW shares are listed on The Stock Exchange of Hong Kong Limited (SEHK: 0008) and traded in the form of American Depositary Receipts (ADRs) on the OTC Markets Group Inc. in the U.S. (Ticker: PCCWY). PCCW interim report 2015 1 KEY FIGURES FINANCIAL HIGHLIGHTS For the six months ended June 30, 2015 In HK$ million (except for per share data) 2014 2015 (Unaudited) (Unaudited) Revenue Core revenue* 14,440 17,983 PCPD 224 99 14,664 18,082 Cost of sales (6,782) (8,027) General and administrative expenses (6,025) (7,298) Other gains, net 688 60 Interest income 45 35 Finance costs (573) (764) Share of results of associates (5) 19 Share of results of joint ventures 14 (6) Profit before income tax 2,026 2,101 Income tax (385) (209) Profit for the period 1,641 1,892 Attributable to: Equity holders of the Company 1,058 1,070 Non-controlling interests 583 822 Earnings per share (in HK cents) Basic 14.57 14.39 Diluted 14.55 14.36 Dividend per share (in HK cents) Interim dividend 6.99 7.96 EBITDA1 Core EBITDA* 4,457 5,784 PCPD (81) (101) 4,376 5,683 *Note: Please refer to page 11. Note 1: Please refer to page 13. 2 PCCW interim report 2015 STATEMENT FROM THE CHAIRMAN I am pleased to report satisfactory financial results of the core HKT reported a set of solid results for the first half, driven by its businesses of PCCW for the six months ended June 30, 2015. robust fixed broadband business despite unrelenting market competition, the enlarged mobile business and synergies arising Providing viewers with a great variety of quality content, from the integration of the CSL business, as well as steady growth now TV recorded further gains in ARPU (average revenue per user) of the international connectivity business. HKT will continue to during the period across a customer base of nearly 1.3 million. innovate and to provide customers with the best networks and Our strategy is to grow the online, mobile and OTT (over-the-top) best services. video and music businesses while maintaining our leadership in the pay-TV market in Hong Kong. In this connection, PCCW Media The property business of the Group, Pacific Century Premium acquired in March a leading mobile video-on-demand service, Developments, made good construction progress with its Vuclip, which will accelerate the development of our digital OTT Premium Grade A building in Jakarta, Indonesia, and is stepping service in the region. up development of the Hokkaido resort project in Japan. The company will continue to identify new development and Meanwhile, preparation for the launch of free TV service has been investment opportunities around the world. actively in progress since the Government’s formal grant of a license to HK Television Entertainment Company Limited (HKTVE) The global economic recovery is still faced with various in April. On July 31, the Government announced it would grant to uncertainties and the Hong Kong economy remains slow. We will HKTVE broadcast spectrum for the delivery of its service. monitor local and external conditions closely, and shall continue to remain relevant to our customers by building value-added services PCCW Solutions saw continued growth in the first half. It has and maintaining our leadership in the market. strengthened its management resources to facilitate digital transformation of enterprises and tap the growing demand for enterprise solutions in Hong Kong as well as mainland China. In June, it enhanced its commerce and marketing solutions offerings to help enterprises in a range of industries manage their customer relationships and deploy next-generation solutions in the cloud or on-premise. Richard Li Chairman August 6, 2015 PCCW interim report 2015 3 STATEMENT FROM THE GROUP MANAGING DIRECTOR It is my pleasure to report that the Group’s businesses made good Vuclip’s patented Dynamic Adaptive Transcoding technology progress in developing their objectives and plans during the first can deliver high-quality video content across variable network half of 2015. conditions, uniquely addressing such challenges in emerging markets. Furthermore, its integrated billing solution developed ACCELERATING OTT MEDIA PLATFORM with telecom partners in various markets will enable us to fast DEVELOPMENT track our OTT video and music service expansion and the As Hong Kong’s largest pay-TV operator, now TV continued to development of a platform that provides immediate access grow this year based on the most comprehensive content in the to PCCW Media’s premium Asian content set across a much market and its leading TV-everywhere offering as mobile apps expanded audience base in the Asian continent, the Middle East and on multi-screens that meets the needs of viewers’ media and other regions. consumption habits. It recorded a further increase in ARPU (average revenue per user) on the back of a substantial customer MEETING ENTERPRISE SOLUTIONS NEEDS base of almost 1.3 million. The introduction of simplified pricing The Group’s enterprise IT service flagship, PCCW Solutions, tiers and re-packaging of the TV channel offerings during the continued to record satisfactory results due to organic growth period have been well received by the market, while creating during the first half under a strengthened top management team. opportunities for up-sell. The company registered a number of contract renewals and new wins including long-term projects in both the private and the In April, the Government formally granted a Domestic Free public sectors in Hong Kong. Television Programme Service License to HK Television Entertainment Company Limited (HKTVE) for a period of 12 In mainland China, PCCW Solutions also benefited from the years. Preparation for the launch of the service by April 2016 growing demand for enterprise applications. Its next-generation is actively underway. We are happy to note that on July 31, the core banking solutions were well received in particular by auto Government decided to assign to HKTVE 0.5 MFN (multiple finance and peer-to-peer finance entities. PCCW Solutions has frequency network) of the broadcast spectrum to be released from boosted its resources with a focus on tapping the application an exiting licensee. HKTVE will be able to reach a larger audience and cloud services demand in the mid-market in Hong Kong and in the shortest time via digital terrestrial television transmission. mainland China. HKTVE is studying the proposed terms and conditions of the allocation and looks forward to finalizing the free TV license. As customers are digitally connected and socially networked, HKTVE notes that the spectrum to be granted to it is one-third of the need for enterprise solutions that simplify engagement with the spectrum to be released from the exiting licensee, and hopes customers and create a holistic customer view across marketing, the Government will continue to assess the equitable allocation of commerce, sales, and service interactions has been growing spectrum. quickly. In June, PCCW Solutions extended its partnership with SAP by announcing collaboration with hybris software to grow and The media business has also set its vision outside Hong Kong with enhance the commerce and marketing solutions for enterprises in the goal of offering industry leading OTT (over-the-top) services Hong Kong and mainland China. We will leverage our respective in Asia and beyond. In March, the media business entered industry and solutions expertise and develop integrated into an agreement to acquire a controlling majority interest in a go-to-market strategies for consumer products, wholesale, leading mobile video-on-demand service platform with a view to logistics, retail and manufacturing industries. furthering its OTT expansion strategy. The Silicon Valley-based company, Vuclip, has more than seven million subscribers and an extensive footprint spanning India, Indonesia, Malaysia, Thailand, the United Arab Emirates and Egypt, with rollout plans for other Southeast Asian markets in 2015.
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